Ires Reit confirms issue with voting platform has been resolved ahead of EGM

In an update published today, the company said that third-party service provider Broadridge Financial Solutions Limited has addressed the problem on its voting instruction platform.

Shareholders are being asked to vote on six motions including the nomination by dissident shareholder Vision Capital of five new directors, who would form a majority on the Ires Reit board.

Last week, a technical glitch was discovered, with some shareholders asked to vote again. Electronic voting now closes this morning after the deadline was extended to allow earlier ballots which were then cancelled to be recast.

Ires Reit said that all voting instructions that had been submitted via the Broadridge platform and cancelled had been resubmitted.

As well as a motion on nominations for new director, shareholders are being asked to vote on a direction that would task the board to “consider, advance, and implement strategic alternatives to preserve and enhance overall shareholder value”, in particular a sale of the stock market listed landlord’s portfolio.

This motion comes as rebel shareholder Vision looks to close gap between the price Ires Reit’s shares trade at and the underlying market value of the company’s portfolio.

Vision has the support of biggest shareholder CapReit and minority investor Ewing Morris.

The incumbent board has advised shareholders to reject each of the proposals. It has been backed by influential shareholders advisory firms Glass Lewis and International Shareholder Services (ISS).